Online all, Iron Man. Given that I will only play the game in bursts rather than grind away every day for a set amount of free time etc. I do most of my gaming in this fashion now as, having reached a certain age, I can never shake the voice in the back of my head nagging me about the million other things of greater import I need to be doing before I shuffle off.
I think Elite will be one of those games that lends itself really well to a more casual approach (despite the game itself being quite deep). You will hopefully pick it up for a couple of hrs and set it down again without feeling like you are on a treadmill.
I also plan to play the game 100% socially. I won't be hunched over my desk alone in the dark at 3am. I will be hooking up with friends on mumble and looking to co-ordinate and co-operate.